The Trump administration is reportedly examining a proposal to encourage broader international adoption of dollar-denominated stablecoins, with the objective of reinforcing the United States dollar's standing as the world's principal reserve currency, according to individuals familiar with the matter, as reported by Bloomberg. Among the measures under consideration is the establishment of joint ventures with private-sector entities to support stablecoin-related initiatives, a strategy intended to preserve the dollar's global preeminence and stimulate demand for US Treasury securities. Stablecoin issuers typically maintain reserves backing their tokens in the form of cash holdings and short-term government debt instruments.

The initiative may require coordination across multiple federal agencies, potentially including the Department of the Treasury and the Department of State, with the US International Development Finance Corporation (DFC) also anticipated to play a role. Representatives of the Treasury Department and the White House did not respond to requests for comment, while spokespersons for the State Department and the DFC declined to comment. The DFC, which engages in partnerships with private-sector organizations to advance United States foreign policy objectives, is led by Ben Black, son of Apollo Global Management co-founder Leon Black.

Stablecoins — digital assets generally pegged to conventional currencies — have experienced significant growth in adoption as financial institutions increasingly incorporate them into their operations, with the substantial majority denominated in US dollars. Last year, President Trump signed the GENIUS Act into law, thereby establishing a federal regulatory framework requiring stablecoin issuers to hold reserves comprising dollars and short-term Treasury securities. Treasury Secretary Scott Bessent has indicated that continued expansion of the stablecoin sector could serve to strengthen the dollar's function as the world's reserve currency. Concurrently, other major economies are advancing their own digital payments infrastructure: China's Project mBridge utilizes the digital yuan, the European Central Bank continues its development of a digital euro, and this week the ECB inaugurated a new initiative connecting blockchain-based markets with the region's existing payment systems.